The University of Michigan's preliminary reading of consumer sentiment this month jumped 8.3% to 92.4, the highest level since January.The latest contrasted with Consensus expectations for only a reading of 86.

The consumer expectations contributed the most to the rise with a 12.3% surge m/m.Current conditions also rose 3.7% to the highest level since January.

An improved expectation for business conditions during the next year contributed with a 17.0% m/m rise and a better outlook for the next five years contributed with an 18.2% surge.

The view of current personal finances rose 7.3% (7.3% y/y) but the perspective of current buying conditions rose just 1.3% (-1.3% y/y).

The assessment of government policy improved 6.1% (6.1% y/y) after falling sharply during the prior two months.

The University of Michigan survey is not seasonally adjusted.This mid-month survey was based on telephone interviews with about 340 households nationwide on personal finances and business and buying conditions. The survey is expanded to a total of 500 interviews at month-end.